Investment Rating - The industry investment rating is "Positive" and maintained [9] Core Insights - Curcumin is recognized as a high-quality coloring agent with anti-inflammatory and antioxidant properties. It is primarily regulated as a food additive and a health supplement in China [4][20] - The global sales of curcumin raw materials are approximately 4,600 tons in 2023, with a CAGR of about 8% from 2018 to 2023 [2][30] - Major players in the curcumin market include Indian companies due to favorable natural resources for cultivation, with China’s Chenguang Biotech being a significant domestic participant [30][32] Summary by Sections Curcumin Overview - Curcumin is derived from the rhizome of turmeric and consists mainly of curcumin, demethoxycurcumin, and bisdemethoxycurcumin, accounting for approximately 77%, 17%, and 3% respectively [4][20] - It exhibits strong functional characteristics in anti-tumor, anti-inflammatory, blood sugar reduction, antioxidant, antibacterial, and metabolic regulation [4][20] Health Benefits - Curcumin has demonstrated antioxidant properties by effectively scavenging reactive oxygen species (ROS), which are harmful when accumulated in excess [5][22] - Its anti-inflammatory effects are achieved by inhibiting key inflammatory mediators such as COX-1, COX-2, LOX, TNF-α, IFN-γ, iNOS, and AP-1 [5][22] Regulatory Aspects - In China, curcumin is regulated as a food additive, with a maximum allowable usage of 0.7g/kg in candy and similar products [6][27] - For health supplements, the same maximum usage applies under the health food regulations [6][27] Market Dynamics - The C-end market features several listed companies like Swisse, BYHEALTH, NuiBay, and Duotebei, focusing on marketing curcumin products with claims of liver protection, anti-inflammatory effects, and joint discomfort relief [30][32] - The market for curcumin is expected to grow, driven by increasing consumer awareness of health benefits and the demand for natural ingredients [30][32]

Core Insights - The A-share market experienced a broad decline, with the Shanghai Composite Index falling below 3850 points, while market volume saw a slight increase [2][5] - The performance of various sectors showed that home appliance manufacturing, media and internet, food and beverage, and banking sectors performed relatively well, while metal materials and mining, power and new energy equipment, and electronics sectors led the decline [2][5] Market Performance - The Shanghai Composite Index decreased by 2.45%, the Shenzhen Component Index fell by 3.41%, the ChiNext Index dropped by 4.02%, the SSE 50 Index declined by 1.74%, the CSI 300 Index decreased by 2.44%, the STAR 50 Index fell by 3.19%, and the CSI 1000 Index dropped by 3.72%, with a total market turnover of approximately 1.98 trillion yuan [2][8] Sector Analysis - The leading sectors included home appliance manufacturing, media and internet, food and beverage, and banking, while the lagging sectors were metal materials and mining (-5.11%), power and new energy equipment (-4.78%), and electronics (-4.66%) [8] - Concept stocks such as China Shipbuilding System (+3.51%), aquatic products (+0.65%), Xiaohongshu platform (+0.47%), and Pinduoduo partners (+0.42%) showed gains, while lithium mining and related concepts faced declines [8] Market Drivers - Key market drivers included the unexpected rise in U.S. unemployment rates despite job growth, leading to uncertainty regarding the Federal Reserve's interest rate decisions [8] - Concerns about high asset prices and AI bubble risks contributed to a decline in U.S. stocks, which in turn affected market sentiment in the Asia-Pacific region [8] Short-term and Long-term Outlook - The report suggests a short-term market correction may occur due to rapid price increases, but the long-term outlook remains positive with expectations of a "slow bull" market trend [14] - In the medium term, the market's strength may depend on macroeconomic policies and technological advancements, particularly in AI and robotics, which are seen as key areas for creating new demand [15] - Long-term fundamentals, including stabilization in the real estate market and the effectiveness of "anti-involution" policies, are expected to support continued growth in the A-share market [15]

Core Insights - The Hong Kong stock market experienced a significant decline, with the Hang Seng Index dropping by 2.38% to 25,220.02, and the Hang Seng Tech Index falling by 3.21% to 5,395.49, reflecting a broader market adjustment influenced by tightening liquidity expectations in the U.S. [5][9] - The U.S. non-farm payroll data for September showed mixed results, with an addition of 119,000 jobs, which was above expectations but still at a low level, leading to a decrease in the probability of a Federal Reserve rate cut in December to 33.1% [9][5] - The AI industry chain's pullback in the U.S. has negatively impacted Hong Kong's hard tech sector, particularly the semiconductor sector, which saw significant declines [9][5] Market Performance - On November 21, 2025, the total trading volume in the Hong Kong market reached HKD 285.7 billion, with net inflows from southbound funds amounting to HKD 10.5 million [2][9] - The major indices in the A-share market also experienced declines, with the Shanghai Composite Index down by 2.45% and the CSI 300 down by 2.44% [5][9] - The sector performance showed that all primary sectors under the CITIC Hong Kong Stock Connect Index declined, with steel (-6.39%), non-ferrous metals (-4.39%), and retail (-4.26%) leading the losses [5][9] Industry Outlook - The report suggests a cautious outlook for the Hong Kong stock market, indicating a potential "slow bull" market as it awaits renewed expectations for Federal Reserve rate cuts and clarity in AI long-term narratives [9] - The focus for medium to long-term investments should shift towards sectors driven by new productive forces, including AI and robotics, which are at a critical stage of commercialization [9] - The report highlights four key investment directions: 1) Quality supply creating new demand, 2) Re-evaluation of scarce resources driven by energy transition and geopolitical factors, 3) Recovery from excess capacity in industries like photovoltaics and chemicals, and 4) Benefits to financial markets from increased market activity and low-interest environments [9]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In the recent bond market fluctuations, the performance of credit bonds has been differentiated, and the allocation attractiveness of 3 - 5 - year ordinary credit bonds has become relatively prominent. The core driver is that December will see a peak in the opening of amortized - cost - based bond funds. The incremental funds of over 100 billion will naturally prefer to allocate high - grade ordinary credit bonds with matching remaining maturities and stable cash flows due to the characteristics of their liability ends and operation rules, thus supporting their valuations. In contrast, although there is a catch - up market for secondary and perpetual bonds, they have large fluctuations and are subject to potential policy disturbances such as the new regulations on fund redemption fees. The investment strategy suggests focusing on the coupon strategy and paying attention to the riding - yield opportunities of 3 - 4 - year ordinary credit bonds [2]. - From November 10th to November 14th, the bond market entered a stage of pricing entanglement, and the difficulty of band operations increased. The overall performance of credit bonds was differentiated. It is recommended to focus on the coupon strategy, pay attention to varieties with relatively sufficient spread protection, gradually deploy 3 - 5Y credit bonds, and focus on the riding - yield opportunities of 3 - 4Y ordinary credit bonds. Looking forward to the second half of November, the credit bond market may continue its structural market, and it is necessary to dig for excess returns through careful bond selection [6]. 3. Summary According to the Directory 3.1 Yield and Spread Overview - **Yields and Changes of Each Maturity**: The report presents the yields, weekly changes, and historical quantiles of various bond types at different maturities, including government bonds, policy - bank bonds, local government bonds, and various types of credit bonds. For example, the 0.5Y government bond yield was 1.37%, with a - 0.9bp change compared to the previous week, and a historical quantile of 19.3% [18]. - **Spreads and Changes of Each Maturity**: It shows the credit spreads, weekly changes, and historical quantiles of various bond types at different maturities. For instance, the 0.5Y local government bond spread was - 13bp, with a - 1.0bp change compared to the previous week, and a historical quantile of 8.6% [20]. 3.2 Credit Bond Yields and Spreads by Category 3.2.1 Urban Investment Bonds by Region - **Yields and Changes of Each Maturity**: The report provides the yields, weekly changes, and historical quantiles of public non - perpetual urban investment bonds in different provinces at key maturities. For example, in Anhui, the 0.5Y yield was 1.71%, with a - 2.9bp change compared to the previous week, and a historical quantile of 1.1% [23]. - **Spreads and Changes of Each Maturity**: It shows the credit spreads, weekly changes, and historical quantiles of public non - perpetual urban investment bonds in different provinces at key maturities. For example, in Anhui, the 0.5Y credit spread was 18.63bp, with a - 2.1bp change compared to the previous week, and a historical quantile of 0.0% [26]. - **Yields and Changes of Each Implied Rating**: The yields, weekly changes, historical quantiles, and bond balances of public non - perpetual urban investment bonds in different provinces with each implied rating are presented. For example, in Anhui, the AAA - rated yield was 1.75%, with a 0.7bp change compared to the previous week, and a historical quantile of 4.0% [30]. - **Spreads and Changes of Each Implied Rating**: The credit spreads, weekly changes, historical quantiles, and bond balances of public non - perpetual urban investment bonds in different provinces with each implied rating are provided. For example, in Anhui, the AAA - rated credit spread was 13.71bp, with a 0.7bp change compared to the previous week, and a historical quantile of 1.9% [37]. - **Yields and Changes of Each Administrative Level**: The yields, weekly changes, historical quantiles, and bond balances of public non - perpetual urban investment bonds in different provinces at each administrative level are shown. For example, in Anhui, the provincial - level yield was 1.74%, with a 0.0bp change compared to the previous week, and a historical quantile of 4.0% [41]. - **Spreads and Changes of Each Administrative Level**: The credit spreads, weekly changes, historical quantiles, and bond balances of public non - perpetual urban investment bonds in different provinces at each administrative level are presented. For example, in Anhui, the provincial - level credit spread was 12.62bp, with a 0.0bp change compared to the previous week, and a historical quantile of 0.1% [45]. 3.2.2 Industrial Bonds by Industry - **Yields and Changes of Each Maturity**: The report shows the yields, weekly changes, historical quantiles, and bond balances of public non - perpetual industrial bonds in different industries at key maturities. For example, for state - owned real - estate enterprises, the 0.5Y yield was 1.71%, with a - 0.15bp change compared to the previous week, and a historical quantile of 1.5% [49]. - **Spreads and Changes of Each Maturity**: It provides the credit spreads, weekly changes, historical quantiles, and bond balances of public non - perpetual industrial bonds in different industries at key maturities. For example, for state - owned real - estate enterprises, the 0.5Y credit spread was 17.71bp, with a 0.3bp change compared to the previous week, and a historical quantile of 4.1% [52]. 3.2.3 Financial Bonds by Issuer - **Yields and Changes of Each Maturity**: The report presents the yields, weekly changes, historical quantiles, and bond balances of financial bonds from different issuers at key maturities. For example, for state - owned commercial banks' commercial financial bonds, the 0.5Y yield was 1.39%, with a 0.5bp change compared to the previous week, and a historical quantile of 4.3% [55]. - **Spreads and Changes of Each Maturity**: It shows the credit spreads, weekly changes, historical quantiles, and bond balances of financial bonds from different issuers at key maturities. For example, for state - owned commercial banks' commercial financial bonds, the 0.5Y credit spread was - 13.32bp, with a 1.2bp change compared to the previous week, and a historical quantile of 5.0% [58]. 3.3 Key Indicator Tracking of the Credit Bond Market - **Performance of Major Bond Indexes**: The report shows the performance of major bond indexes in the past three weeks, including the total full - price (total value) index of bonds, the total full - price (total value) index of government bonds, and various credit bond indexes [95]. - **Wealth Management Scale and Break - even Rate**: It shows the change in the wealth management scale compared to the previous week and the cumulative break - even rates of various institutions [97][99]. - **Funds and Market Sentiment Index**: The report presents the funds and market sentiment indexes of the whole market, large - scale banks, small - and medium - sized banks, and non - bank institutions, as well as the TKN, GVN, TRD, and GVN proportion of interest - rate bonds and credit bonds [103][105].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Insights - The company reported a revenue of approximately 4.019 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 44%. However, the net profit attributable to shareholders was about 33 million yuan, a decrease of 47% year-on-year, with the non-recurring net profit also declining by 47% [5][6]. - In Q3 2025, the revenue was approximately 1.384 billion yuan, showing a year-on-year growth of 35% but a quarter-on-quarter decline of 3%. The net profit attributable to shareholders was about 11 million yuan, down 52% year-on-year and 23% quarter-on-quarter, with the non-recurring net profit decreasing by 59% year-on-year and 29% quarter-on-quarter [5][6]. Summary by Sections Financial Performance - For the first three quarters of 2025, the gross profit margin was approximately 10.9%, a decrease of 5.1 percentage points year-on-year. In Q3 2025, the gross profit margin was about 9.3%, down 7.1 percentage points year-on-year. This decline is primarily due to the increased proportion of low-margin viscose short fibers [12]. - The company’s expense ratio for the first three quarters was approximately 8.2%, a decrease of 3.4 percentage points year-on-year. The expense ratios for sales, management, R&D, and financial expenses all saw year-on-year declines [12]. Industry Dynamics - The carbon fiber industry is experiencing a recovery in demand, with significant sales growth. The industry’s capacity utilization rate has increased from approximately 48% to 62% since March, indicating a recovery in production levels [12]. - The potential supply in the carbon fiber industry remains high, but the introduction of policies to curb disorderly production may benefit the mid-term market structure. The long-term growth of carbon fiber is supported by increasing penetration in wind energy and automotive industries [12]. Profit Forecast - The company’s projected net profits for 2025, 2026, and 2027 are estimated to be 60 million, 160 million, and 220 million yuan, respectively, corresponding to PE ratios of 176, 60, and 44 times. The potential recovery in carbon fiber prices could enhance profitability [12].

丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨长海股份（300196.SZ） [Table_Title] 销量延续高增，盈利相对稳健 报告要点 [Table_Summary] 长海股份发布 2025 年三季报：前三季度实现收入 23.59 亿元，同比增长 24%，归属净利润 2.57 亿元，同比增长 27%，扣非净利润 2.65 亿元，同比增长 46%。单 3 季度实现收入 9.04 亿元， 同比增长 33%，环比增长 31%，归属净利润 0.84 亿元，同比增长 4%，环比下降 8%，扣非净 利润 0.88 亿元，同比增长 33%，环比下降 3%。 请阅读最后评级说明和重要声明 分析师及联系人 [Table_Author] 范超 张佩 董超 SAC：S0490513080001 SAC：S0490518080002 SAC：S0490523030002 SFC：BQK473 %% %% %% %% research.95579.com 公司发布 2025 年三季报：前三季度实现收入 23.59 亿元，同比增长 24%，归属净利润 2.57 亿 元，同比增长 27%，扣非净利润 2 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Insights - The company's net profit attributable to shareholders reached 198 million yuan in Q3 2025, representing a year-on-year increase of 278% and a quarter-on-quarter increase of 272%. The net profit excluding non-recurring items was 214 million yuan, up 478% year-on-year and 3058% quarter-on-quarter [2][4] Summary by Relevant Sections Lithium Business Performance - The average price of battery-grade lithium carbonate in Q3 2025 was 73,000 yuan per ton, up 12% quarter-on-quarter, while the average price of battery-grade lithium hydroxide was 68,700 yuan per ton, up 6% quarter-on-quarter. The company experienced a significant increase in lithium salt product sales, achieving a record high for quarterly sales due to effective market strategy adjustments and strong customer feedback [11][11] - The company has improved its lithium ore self-sufficiency rate through the production of lithium concentrate from its Zimbabwe Kamativi lithium mine, positively impacting the cost structure of lithium salt products [11] Civil Explosives Business Performance - The civil explosives business showed stable overall performance in the first three quarters of 2025, although total production and sales value declined due to intensified market competition and falling product prices. The company expanded its sales channels and saw significant growth in civil explosive product exports, contributing to stable profitability in this segment [11] Solid-State Battery Development - The company is actively advancing the research and industrialization of key raw materials for solid-state batteries, achieving significant progress in the synthesis and mass production technology of lithium sulfide, a core material for solid electrolytes. The new synthesis process developed by the company has shown advantages in material cost, purity, and particle size control [11] Future Outlook - Both the lithium and civil explosives businesses are expected to experience growth turning points, with a shift towards collaborative development. The company anticipates substantial improvements in profitability and growth potential, driven by rising lithium prices and increased self-supply from its lithium resources, alongside efforts to expand its civil explosives business domestically and internationally [11]

丨证券研究报告丨 行业研究丨点评报告丨通信设备Ⅲ [Table_Title] 英伟达财报超预期，谷歌 Gemini 3 大放异彩 报告要点 [Table_Summary] 英伟达 FY26Q3 业绩超预期，数据中心业务高速增长；GB300 加速放量，Rubin 平台预计在 2026H2 加速推广。谷歌 Gemini 3 展现强劲多模态能力，支持原生生成式 UI，全面接入搜索 场景；模型采用自研 TPU 训练，有望提升成本效率。全球算力需求加速释放，产业景气再得 验证，持续看好海外 AI 算力供应链。 分析师及联系人 [Table_Author] SAC：S0490517110002 SAC：S0490522050005 SFC：BUX641 于海宁 黄天佑 操俊茹 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 通信设备Ⅲ cjzqdt11111 [Table_Title2] 英伟达财报超预期，谷歌 Gemini 3 大放异彩 [Table_Summary2] 事件描述 风险提示 丨证券研究报告丨 2025-11-21 行业研究丨点评报告 [Table_Rank ...

丨证券研究报告丨 世界经济与海外市场丨点评报告 [Table_Title] 就业走弱，但并非降息必要条件 ——9 月美国非农就业数据点评 报告要点 [Table_Summary] 2025 年 9 月美国劳动力市场数据表现分化：新增非农就业人数大幅高于预期，但失业率连续 三个月上升，时薪数据指向核心服务通胀压力尚且可控。总的来看，数据确认劳动力市场持续 走弱，但并未出现超预期恶化，就业端仍不足以构成美联储必须降息的理由。往前看，1）年内， 考虑到目前就业并未加速恶化，12 月暂停降息仍是大概率情形；2）2026 年，关税推升通胀但 幅度大概率有限，待关税影响逐渐明朗，美联储的重心仍会回到就业下行风险之上，届时经济 仍需宽货币呵护，美联储或再度降息 2-3 次至中性利率水平以应对经济下行风险。 分析师及联系人 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Author] SAC：S0490520090001 SFC：BUX667 于博 敬成宇 [Table_Title 就业走弱，但并非降息必要条件 2] ——9 月美国非农就业数据点评 [Table ...

Investment Rating - The report maintains a "Buy" rating for the company [2][6]. Core Insights - As of the end of October, the company's PE ratio stands at 34.77x, which is in the 39th percentile historically since 2016, indicating a certain level of value for allocation. It is expected that with the continuous enhancement of the mutual access policy in the Hong Kong capital market, liquidity in the Hong Kong stock market will continue to rise, leading to an increase in overall market activity and valuation. The company is projected to achieve revenues and other income of 30.4 billion, 33.4 billion, and 35.8 billion HKD for 2025-2027, with net profits attributable to shareholders of 17.6 billion, 18.8 billion, and 20.5 billion HKD, corresponding to PE valuations of 30.4, 28.4, and 26.1 times respectively [2][52]. Market Environment - The Hong Kong stock market has shown a continued upward trend, with the Hang Seng Index and Hang Seng Tech Index increasing by 29.1% and 32.2% respectively compared to the end of 2024. The average daily trading (ADT) for the Hong Kong Stock Exchange in October was 274.9 billion HKD, reflecting a year-on-year increase of 7.8% but a month-on-month decrease of 13.2% [8][11][16]. - The overall market capitalization of Hong Kong stocks reached 48.14 trillion HKD by the end of October, with a year-on-year increase of 36.8% [9][11]. Business Segments - In the cash market, the average daily trading volume for northbound trading was 300.8 billion HKD, showing a year-on-year increase of 2.1% but a month-on-month decrease of 11.5%. Southbound trading reached 144.4 billion HKD, with a year-on-year increase of 42.3% and a month-on-month decrease of 8.5% [8][16]. - In the derivatives market, the average daily volume for futures was 694,000 contracts, reflecting a month-on-month increase of 3.4% but a year-on-year decrease of 26.7% [20]. - The LME daily trading volume increased to 792,000 contracts in October, with a year-on-year increase of 23.6% [26]. IPO Market - The IPO scale in the Hong Kong stock market maintained high growth, with 80 new companies listed from January to October 2025, raising a total of 2,162 billion HKD, which is a year-on-year increase of 208%. In October alone, 12 new stocks were listed, raising a total of 285 billion HKD, reflecting a year-on-year increase of 97% [31][30].